SAN FRANCISCO -- Left-handed reliever Javier Lopez has agreed to an $8.5 million, two-year contract to stay with the San Francisco Giants, who also have picked up the $5 million contract option for fellow lefty reliever Jeremy Affeldt.

Lopez -- one of baseball's most reliable lefties out of the bullpen -- had been set to become a free agent before receiving his new deal, confirmed by the club Sunday. Lopez will earn $4.25 million in 2012 and '13.

The 34-year-old Lopez has gone 7-2 with a 2.38 ERA in 97 appearances since being acquired in a trade from Pittsburgh in 2010, one of general manager Brian Sabean's key additions during the Giants' improbable World Series championship run that season.

Lopez had a $2,375,000 base salary in 2011 and was two innings short of earning a $25,000 bonus for reaching 55 innings.

San Francisco had until the end of the day Monday to decide whether to exercise the option for Affeldt, who had a $500,000 buyout. Sabean indicated when the season ended he expected Affeldt to return.

Affeldt, who is healing well from a season-ending hand injury sustained when he seriously cut himself trying to separate frozen hamburgers during an off day Sept. 8, went 3-2 with a 2.63 ERA and three saves in 67 outings this past season. He had given up only three earned runs over his last 22 1-3 innings before the injury that required surgery. His 1.21 ERA since the All-Star break was seventh-lowest among NL relievers with a minimum of 20 innings.

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"I'm happy and thrilled to be back for one more year," Affeldt said. "My family loves the Bay Area and we enjoy everything about the Giants. I'm very honored to be wearing a Giants uniform."

There isn't a rehab regimen for Affeldt's injury and he should be at full strength for the start of spring training in February. Getting the surgery done immediately was important.